Which of the following statements concerning the credit for child and dependent care expenses is not correct for 2022? A. If a taxpayer is a full-time student with no earned income, no credit for child and dependent care expenses can be claimed. B. A taxpayer is not allowed both a deduction as a medical expense and the credit for child and dependent care expenses on the same amount. C. A taxpayer is not allowed both an exclusion from income and the credit for child and dependent care expenses on the same amount. D. If a taxpayer’s adjusted gross income is over $43,000, the rate for the credit for child and dependent care expenses is 20%.
Which of the following statements concerning the credit for child and dependent care expenses is not correct for 2022? A. If a taxpayer is a full-time student with no earned income, no credit for child and dependent care expenses can be claimed. B. A taxpayer is not allowed both a deduction as a medical expense and the credit for child and dependent care expenses on the same amount. C. A taxpayer is not allowed both an exclusion from income and the credit for child and dependent care expenses on the same amount. D. If a taxpayer’s adjusted gross income is over $43,000, the rate for the credit for child and dependent care expenses is 20%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following statements concerning the credit for child and dependent care expenses is not correct for 2022?
A. If a taxpayer is a full-time student with no earned income, no credit for child and dependent care expenses can be claimed.
B. A taxpayer is not allowed both a deduction as a medical expense and the credit for child and dependent care expenses on the same amount.
C. A taxpayer is not allowed both an exclusion from income and the credit for child and dependent care expenses on the same amount.
D. If a taxpayer’s adjusted gross income is over $43,000, the rate for the credit for child and dependent care expenses is 20%.
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